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- come faster, we are going to be late again. I don’t want to miss our class in Economics, so we need to walk faster
- Hey bestie, Good morning! Wait for me!
- It studies the behavior of the human and studies scarce. On the other hand,Economics It has two subbranches, the microeconomics and macroeconomics
- Economics is a branch of science that deals with the distribution,allocating, production, and consumption of good and services. Additionally,some says that it is the phenomenon of wealth or the science that treats wealth
- What do you know about Economics?
- Microeconomics is more on individual decision; the possible reaction as a choice of an individual such as sudden change in prize.
- Macroeconomics, is more on the decision of the nationtowards and economics issue. It is more concern in the economic- wide such asinflation and unemployment .
- Tell me more about the subbranches of economics ; what is microeconomics? macroeconomics?
- Oh I remember, in economics, it cannot be forgotten about the factors of production; the labor, land, entrepreneur, and capital.
- Do you know that there are also four economic system inmicroeconomics? It is the Traditional, Market, Command and Mixed Economies; andevery economic system, it answers the what to produce? how to produce it?; forwhom to produce? and What provision should be made for economic growth?
- Oh my friend, you have wide knowledge about economics huh. Let's start walking while you share your ideas.
- Aside from that, there are also the market structure that determines the stage of competition in market. These are the Perfect Competition Market— absence of rivalry of different firms;Monopoly Market—only one producer produce a certain product therefore there isno substitute for that product, Duopoly—there are only two seller in this kind of market in which the changes in pricescan definitely have an effect on the business, Oligopoly— in this market theyproduces either a homogenous product or heterogeneous products and theMonopolistic Competition—where in there are many firms that is selling adiverse product.
- So, tell me about your idea in the law of supply
- Easy my friend, according to the law of supply as price of the good increases, the quantity supplied for the good increases; and as the price of the product declines, the quantity supplied of the product also declines. But remember, it is not only the price that affects the changes in supply but there are also non-price determinants such as the number of sellers and the taxes.
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